Post Office Scheme- Many types of schemes are run in the post office. One of these schemes is Kisan Vikas Patra (KVP). This scheme has guaranteed returns and any Indian citizen can invest in it and can accumulate a huge fund through the scheme.
The government guarantees that the amount you invest in Kisan Vikas Patra will double. That is, if you invest Rs 5 lakh in this scheme, it will become Rs 10 lakh and if you invest Rs 10 lakh, it will become Rs 20 lakh.
If you invest in the Kisan Vikas Patra scheme, the amount will double in 115 months (9 years, 7 months). If you deposit Rs 10 lakh in the scheme, it will become Rs 20 lakh. Currently, this scheme is giving an interest of 7.5%. Interest is calculated on an annual basis.
Any adult can open a single or joint account under this scheme. Apart from this, a child above 10 years of age can get a Kisan Vikas Patra in his name. A guardian can open an account on behalf of a minor or a mentally deranged person. While opening an account, documents like Aadhaar card, age certificate, passport size photograph, KVP application form etc. may be required.
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While opening an account, documents like Aadhar card, age certificate, passport size photograph, KVP application form etc. may be required. NRIs are not eligible for this scheme.
Premature withdrawal can be done after 2 years and 6 months from the date of depositing the KVP account. However, pre-mature deposit can be made anytime under certain special circumstances such as – – In case of death of one or all the account holders in case of KVP holder or joint account – In case of Gazette Officer, when seized by the mortgagee – On the order of the court
